RBI has announced banks moratorium period of 3 months in india. when WHO declares corona virus a global epedemic, most of country has issued medical and travelling guidlines for their citizens. Indian govt have also issued a number of medical guidlines as well travelling. to stop the spreading of impact of corona virus our central government had announced 21 days lockdown. all means of transportation like buses, trains, aeroplanes and even private vehicle has been stopped for public movement. people of india faces a lots of problem emotional as well as financials. emotional problems can not be shortout easily. it takes its own time. but govt want to minimize the financial problem of citizens of india. to minimize the financials problem govt requested/ordered/advised all banks for moratorium period of 3 months of all tender loans. moratorium periods indicates that the people of india are not financialy strong. only 21 days of lock donw pushes a number of people in financial bankruptcy. can you imagine how indians are buried under the loans.
the salaried class are buried under huge pressure of different kinds of loans. the most of the people are over expensive. they spend every month more than their income. life style of metro pushes the people towards loans trap. initially we started loans to maintain luxuary life style. on a latter stage we take more loan to repay the EMI of old loans. then we take motor loans and home loans. almost every salaried young people maintain more than 3 credit cards. the main reason for over expense are easily offeres of credit cards and personals loan. the interest rate of such unsecure loans are very high. but when people needs for money then initially ignore such high interest rate and accept the loans. but slowy they realize that the payment of EMI is very tough. so most people hamper their credit scores. some got defaulted on many payments. some settles the account by lumsum payment.
the only for 21 days lockdown spoil the mood of more than 50% of salaried class. they have now a lots of issue regarding loan EMI payment. so our salaried class people are financially so weak. otherwise only for 21 days lockdown not attract any moratorium period. moratorium period given by govt indicates that our people have very bad financial condition. i personally know many people who are only two salary away from their financial default. if they do not get two consecutive salary from their employeer then it became impossible to pay their EMI and house rent on time. so we have to think very deeply about our financial condition.
the actual data have to came after the month of April 2020. how many opted for moratorium for 3 months. but sure if govt thinks about this then at least 40% of people who have term loan should be opt. lets wait for the data have to come.
to improve the financial condition we have to create some 2nd or 3rd source of income to survive with this type of situation. whether the initial income is very low from other sources of 2nd or 3rd but it will help a lots to fight with such bad situation. so keep searching other source of income. try to proper utilise the lockdown period. otherwise you will never get better opportunity like this to start 2nd or 3rd source of income. at least make a performa and list of idea on which you will start working after lockdown. many of the people does not get such free time in their life time again. it is up to you how to spend the time. time never waits for others. we have to wait for time. respect the value of time.
May be many people do not agree what i have mentioned in this article. this is my personal views, dhankeahri devi foundation views may differs from this article.
Arun Kumar
Media and Marketing Head
Contact no. 8920031182
Dhankeshri Devi Foundation
Rasulpur, Rohatas, Bihar-821303, India.
Tags: moratorium for 3 months, EMI defaults, Loans defaults, term loans, bank monatorium period, RBI guildines for moratorium, coronavirus, covid-2019, stay at home, social distancing, ngo, charity, non governmental organization, ngo in bihar, ngo in rohatas.
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